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Commerce recommends keeping Moroccan phosphate duty
Commerce recommends keeping Moroccan phosphate duty
Houston, 21 July (Argus) — The US Department of Commerce today recommended keeping countervailing duties in place for Moroccan phosphate imports, despite an eight-month suspension of the measure implemented by US president Donald Trump in June. Commerce determined that the revocation of the countervailing duty order on Moroccan phosphate fertilizers would likely lead to the continuation of a countervailable subsidy, according to the preliminary results of its five-year review. Commerce said today that if the duty order were to be revoked, Moroccan producer OCP would likely receive subsidies at a level of 20.04pc from Morocco. This rate represents the original investigation rate of 19.97pc, minus a now-terminated export-tax incentive program but includes new Moroccan subsidy programs found in later administrative reviews. Late last month, Trump temporarily suspended countervailing duties on certain phosphate fertilizer imports from Morocco for eight months or until the order is terminated, citing a "supply emergency" for US farmers. There have been no confirmed sales of Moroccan phosphate to the US since Trump's suspension. With today's recommendation, it is unclear how OCP will move forward with its participation in the US fertilizer market. Commerce found that several Moroccan subsidy programs are still considered active and assumes the subsidies will continue. The 20.04pc subsidy rate reported by Commerce is not considered the new duty rate but is a recommendation for the International Trade Commission to consider. The review, which began in early March , included participation from US fertilizer producers Mosaic and Simplot, the government of Morocco and OCP. The final results of the review are expected to be published around 28 October, 240 days from the start of the review. OCP and Russian fertilizer producers have been subject to countervailing duties on phosphate exports to the US since 2021, after Mosaic filed a petition with authorities alleging the two countries' imports materially injured the US market. Commerce also recommended countervailing duties remain on Russian phosphate fertilizer imports in its five-year review's final results, saying that Russian producers would also continue to receive countervailable subsidies. Commerce's final result rates are 24.11pc for Russian producer EuroChem, 14.64pc for PhosAgro, and 16.64pc for all others, according to the ruling posted on 30 June. Commerce also noted that Russia's review process was expedited because interest from domestic parties Mosaic and Simplot was adequate, while Russia did not respond or participate in proceedings. Many fertilizer traders were not surprised by Russia's lack of participation in its sunset review, but are uncertain of how OCP will proceed after the latest ruling. By Taylor Zavala Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iranian vessels violate blockade, transit Hormuz
Iranian vessels violate blockade, transit Hormuz
New York, 21 July (Argus) — Vessels are continuing to violate the US imposed blockade on Iranian ports while commercial traffic through the strait of Hormuz remains overwhelmingly controlled by Iran, despite US official's claims to the contrary. The US Central Command (Centcom) said it redirected seven commercial vessels and disabled one to prevent ships from leaving or entering Iranian ports as of 20 July. And today US president Donald Trump told reporters during a meeting with Lebanese president Joseph Aoun that the blockade was "... like a steel wall" and that no ships were getting through. But data from vessel tracking service Vortexa shows that nine vessels departing or heading to Iran ports have transited through the strait of Hormuz since the US blockade was reimposed on 14 July. Of those nine vessels, six were empty inbound tankers that hold a combined carrying capacity of around 2.35mn bl of crude and refined products. Commercial vessels transiting the strait of Hormuz have also overwhelmingly continued to use the Iranian-favored northern transit route, following an increase in attacks on vessels using the US-sanctioned southern traffic lane that runs along the coast of Oman. Out of 11 strait of Hormuz transits into the Mideast Gulf on 20 July, 10 were through the northern, Iranian-controlled route while only one transited the southern, US-supported corridor, according to data from vessel tracking firm Windward. Of the vessels exiting the Mideast Gulf, three utilized Iran's northern route on 20 July and one used the southern route. Iran-flagged vessels were also the most common vessels crossing the waterway on 20 July, accounting for six out of 15 total transits, per Windward data. Vessel traffic through the strait remains at around 11pc of prewar levels, according to Windward. "US-assisted commercial transits continued with fewer ships, reflecting heightened operator risk assessments under the elevated threat environment," the UK Trade Maritime Organization said in its 21 July advisory note. "Recent attacks on tankers in Omani waters further influenced operator behavior and contributed to significantly reduced traffic density." By Charlotte Bawol Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
HRC at premium to plate in Italy on quotas, slab supply
HRC at premium to plate in Italy on quotas, slab supply
London, 21 July (Argus) — Hot-rolled coil (HRC) prices in Italy have risen to a premium to hot-rolled plate (HRP) for the first time in more than four years, after the products reacted differently to the introduction of a stricter EU quota regime on 1 July. The new quota system has proven more disruptive for HRC than for HRP, which has allowed coil producers to push for price hikes. Meanwhile, falling slab prices coupled with subdued demand for plate have weighed on plate prices. Argus' daily Italian HRC index was assessed at €708.50/t ex-works on Monday, trading at an €8.50/t premium to the fortnightly Italian plate assessment for S235 grades. The Italian HRC index was up by €39/t on the month on Monday, while the plate index on 17 July tumbled by €25/t from a month earlier. The reduction in free quota allocations under the EU's new import regime from 1 July was sharper for plate, at 46pc to 1.2mn t/yr, but the distribution of the quotas was more favourable than for HRC. Coil quota volumes fell by 33pc to 5.2mn t/yr, but the fragmented distribution of the volumes means that usable quotas are actually lower because of small allocations for certain suppliers, and additional trade measures. These concerns have already been flagged by Italian steel association Assofermet, which said the EU's new steel safeguard is projected to result in a 60-70pc drop in usable steel import quotas. Various HRC cargoes were rerouted from Europe to north Africa and other destinations last week as trading firms sought to avoid the new 50pc tariffs on out-of-quota volumes. HRC prices rose in reaction to the tightening of imports, but falling slab prices removed some of the cost pressure from plate re-rollers, giving them room to reduce their offers to try and secure orders. Some market participants linked falling slab prices directly to the new EU safeguard measures, stating that non-EU suppliers would turn to the production of semi-finished products because slab sales to the EU remain exempt from trade measures, except from Russia. Seasonal factors and previous restocking waves that saw plate-making slab offers rise above $600/t cfr Italy have also contributed to the pressure on slab prices over the summer. Demand for domestic product has reacted to quota allocations and expected supply crunches, with HRC bookings accelerating. In contrast, high stocks at plate buyers have kept them on the sidelines, in the expectation that prices could fall further. By Carlo Da Cas Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Uzbekistan coal prices diverge since liberalisation
Uzbekistan coal prices diverge since liberalisation
London, 21 July (Argus) — Thermal coal prices in Uzbekistan have shown patterns of divergence since the country lifted price restrictions in early June, data from the Uzbek Commodity Exchange (Uzex) show. Prices of coal grades for household consumption appeared to be stable, while grades for power plant usage were mixed, according to Uzex data from late-May to early July. Uzbekistan ended state-set prices and shifted to liberalised market operating under a supply-and-demand-based system through exchange trading for its coal industry from 1 June. Under the new system, thermal power plants and industrial buyers have been allowed to secure coal through a "request for proposals" method or tenders at weighted-average exchange prices. A separate mechanism allowed households and public institutions to secure deliveries, with producers selling to entrepreneurs through a separate dedicated trading platform. Data from the exchange show among grades of coal used by households, prices of D-grade thermal coal sized around 20-60mm hovered near $111.28/t and SS-grade sized thermal coal sized 13mm remained near $38/t levels, with both prices unchanged since 1 June. Utilities that use D-grade thermal coal sized at 0-300mm also saw prices hold steady at $80.50/t, but lignite sized at 0-300mm saw the sharpest 33pc jump to near $40/t during the past month. Uzbekistan's domestic coal supply is primarily fulfilled by two main coal reserves, with the Angren coalfield located in the east and the Shargun deposit located in the south of the country. High ash and low calorific value lignite is mined at the Angren deposit, while higher quality bituminous coal is mined at Shargun. The Uzbek government had previously noted that local power plants use a blend of coal from both coal mining regions as a substitute for imports. Coal production declines Domestic coal production in Uzbekistan fell by 36pc on the year to 1.6mn t over January-May, data from Uzbekistan's statistics bureau show. The data showed Uzbek coal production in the first five months of 2025 had totalled 2.5mn t and around 1.9mnt during the same period in 2024. The country plans to raise its coal output forecast to 11mn t in the coming autumn-winter season, which typically spans September-February, the government said in early June. Uzbekistan had aimed to produce 10mn t during the last heating season. The country also imports coal via rail, with most of it supplied by neighbouring Kyrgyzstan. Imports from Kyrgyzstan jumped 48.4pc on the year to 288,500t over January-March, data from Global Trade Tracker show. By Shreyashi Sanyal Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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